Trader who spotted Trump memecoin early turned $1 million into $90 million

Quick Take

  • Just a minute after Trump posted about his new memecoin on Truth Social, a trader bought $1 million of the token.
  • With the memecoin’s rapid rise and a few sales along the way, the trader is now sitting on more than $90 million.

When President-elect Donald Trump posted about the launch of a memecoin on the final business day before his inauguration, many feared that he had been hacked and it was fake. But one trader aped in regardless.

Within two minutes of the post going out on Truth Social, this trader swapped 1.09 million USDC for 5.7 million TRUMP tokens on the Meteora market, as highlighted by onchain analysts LookOnChain. They also paid an $85,000 tip to Jito, a Solana infrastructure company focused on MEV, a practice where blockchain users can pay more money to get their transactions through faster or at the top of blocks.

Shortly afterwards, this trader sent the TRUMP tokens to another wallet, known by its Solana name ff.sol. Then the funds were split up across many other wallets.

In the hours that followed, a portion of the tokens were sold for the stablecoin USDC in some of the wallets, a few also featuring other Solana names. In one wallet, some of the stablecoins were used to buy back TRUMP tokens before selling them again. LookOnChain estimates the trader sold 1.35 million TRUMP for $3.65 million in total.

This leaves 4.62 million TRUMP tokens, which are currently worth $87 million, bringing the trader's total holdings of TRUMP tokens and proceeds above $90 million.

The TRUMP memecoin has been on a huge rally since its launch just hours ago. The token has already reached a $4 billion market cap and broken into the top 40 tokens on CoinGecko. With a lot of the supply locked up, its fully diluted valuation is currently at $21 billion, which would rank it in the top 10 tokens if that was its current market cap.

Solana-based exchange Jupiter and Meteora have both made statements confirming the legitimacy of the Trump memecoin.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on